Shares of Lumentum Holdings Inc. (LITE) soared shot up 6.7% in premarket trading Thursday, after the optical equipment and Apple Inc. (AAPL) supplier reported fiscal fourth-quarter profit and revenue that beat expectations, and provided an upbeat full-year earnings outlook. For the quarter to June 29, the company swung to a net loss of $25.8 million, or 34 cents a share, from net income of $25.7 million, or 40 cents a share, in the year-ago period. Excluding non-recurring items, such as the impact of the Oclaro acquisition and other restructuring charges, adjusted EPS slipped to 92 cents from 95 cents, but topped the FactSet consensus of 72 cents. Revenue rose 34% to $404.6 million, above the FactSet consensus of $383.5 million, as optical communications revenue rose 45.7% to $356.8 million and lasers revenue fell 14.9% to $47.8 million. For the fiscal first quarter, Lumentum expects adjusted EPS of $1.12 to $1.26, which is above the FactSet consensus of $1.11, and revenue of $435 million to $455 million, which surrounds expectations of $439.8 million. The stock has lost 8.3% over the past three months, while the SPDR Technology Select Sector ETF (XLK) has gained 1.4% and the S&P 500 has edged up 0.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 08, 2019 07:54 ET (11:54 GMT)
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